Civil Transactions Law

1. The company contract shall terminate when the purpose for which it was established ceases to exist or upon the expiration of its term. The term may be extended upon the agreement of the partners prior to its expiration. 2. If the term of the company expires or the purpose for which it was established ceases to exist, and the partners continue to engage in any of the activities for which the company was established, the contract shall be deemed renewed under its original terms, except for the terms related to specifying the company term; in such case, the company shall be subject to the provisions governing a company with an unspecified term. 3. The creditor of any partner may object to the renewal of the company contract. In such case, renewal of the contract shall not take effect against said creditor. Civil Transactions Law